Cooperative Living April 2023 - 22

YOUR BUSINESS
certification, and 88% say that
certification has been a helpful
business development tool.
" For the first time, we have
evidence of increased financial
confidence among women
business owners. They are two
times more likely than men to
say they're considering a new
loan or line of credit to support
business growth, " says Marcello.
A Prediction of Recovery
Women business owners are optimistic about the future
Story courtesy of Statepoint Content
E
ven as they ride out inflationary pressures, supply
chain disruptions and economic uncertainty, women
owners and executives of small and mid-size majoritywomen-owned
businesses have an optimistic outlook about
the near-term future of their businesses, according to a
recent survey.
" We are seeing a
new pattern of
self-empowerment
among women
business owners. "
- Beth Marcello,
director of PNC Women's
Business Development
The PNC Bank survey found
that women business owner
expectations for their own
companies remain strong, with
41% feeling highly optimistic -
up from 29% in the fall of 2020
but down from 67% in the fall
of 2021 - while the share of
those feeling pessimistic has held
constant at just 1%.
The survey also indicated that
more than eight in 10 women business owners are very
confident about their future success and nearly half say it
comes from their own hard work and drive. Similarly, 79% of
WBOs are very satisfied with their role as a business owner or
leader compared to 67% of men business owners.
" We are seeing a new pattern of self-empowerment
among women business owners that is very encouraging, "
says Beth Marcello, director of PNC Women's Business
Development. " Their own hard work to survive the pandemic
is the source of their confidence and optimism today. "
The survey suggests that women have a take charge,
can-do attitude. When it was difficult to find employees,
49% of WBOs versus one-third of MBOs say that they or
their managers stepped in to cover open staff hours themselves.
Additionally, they're focused on growth: 81% surveyed are
Woman Business Enterprise-certified, 73% market their
20 ● Cooperative Living ●
April 2023
" They are monitoring their cash
position and have a cash reserve,
but they're investing excess cash
rather than stockpiling it; they
are continuing to leverage the
increased efficiency of the digital
financial tools they migrated to
during the pandemic; and they are confidently increasing
pricing as the economy allows for it. "
MEETING THE CHALLENGES
While WBOs have concerns about inflation, profitability
and the supply chain, they believe they're prepared for these
challenges. Although similar portions of WBOs and MBOs
experienced supply chain issues in the past year, 79% of WBOs
believe they have the right amount of inventory they need
to succeed.
WBOs also intend to maintain or expand on policies they
initiated during the pandemic, including allowing flexible
work arrangements (48%), increasing compensation (38%)
and implementing employee health or safety enhancements
(33%). WBOs are more likely than MBOs to adopt Corporate
Social Responsibility policies or practices, including gender
pay equity (34% vs. 9%) and diversity and inclusion (29%
vs. 14%). These disparities could be an indication of why
fewer WBOs (30%) than MBOs (43%) are finding it harder
to hire new staff compared to six months ago.
Identifying and addressing challenges faced by women
financial decision-makers is a component of PNC's Project
257: Accelerating Women's Financial Equality, an initiative
to help close the 257-year economic gender gap. To connect
with Project 257, follow PNC on social media: Facebook,
Instagram, LinkedIn and Twitter.
While the pandemic created new economic challenges,
many with lasting effects, women business owners largely
overcame these obstacles, taking away lessons that have
inspired their optimism and confidence today. 
More information about these efforts as well as helpful resources for
women financial decision-makers can be found at pnc.com/women.
co-opliving.com
PHOTO COURTESY STATEPOINT
http://www.pnc.com/women http://www.co-opliving.com
Cooperative Living April 2023

Table of Contents for the Digital Edition of Cooperative Living April 2023
